Buying A House And Taxes -

: When you eventually sell your primary residence, you may be able to exclude up to $250,000 (single) or $500,000 (married filing jointly) of the gain from your income, provided you lived in the home for at least two of the five years before the sale. Find more details on IRS Topic No. 701 .

: If you "bought down" your interest rate by paying points at closing, these are often fully deductible in the year you paid them, provided they meet specific IRS criteria. Ongoing Costs to Budget For buying a house and taxes

: While general maintenance isn't deductible, keeping receipts for major "capital improvements" (like a new roof or addition) can help increase your home's "cost basis," potentially reducing your taxable gain when you sell. Essential Documents to Keep : When you eventually sell your primary residence,

: Shows the final taxes and points paid at the time of purchase. : If you "bought down" your interest rate